Question
Hello Sir/Mam, This question is about current PPP funding for small businesses. My business is located inside the mall and isclosed due to Covid-19. The
Hello Sir/Mam,
This question is about current PPP funding for small businesses. My business is located inside the mall and isclosed due to Covid-19. The whole Mall is closed and none of the businesses are open yet and there is no scheduled re-opening date.It is closed by mall management. I applied for PPP loan and got approved and got some funds.But since my business is closed and can't open because of mall management and government mandate.How should I use funds ? I know as far for forgiveness ability 75% must be Payroll expenses and rest for other expenses.But at this condition what should I do now ?Can Ipay my employees for closed business for 8 weeks from the date I received funds ? Does it count forgiveness eligibility even my business closed if I cover more than 75% of funds? Can I pay to new employees ? I want to use those funds that way to become eligible for forgiveness.Not looking repay back to lenders with 1%. Looking for your answers. Again I'm okay to pay employees for closed business if that is okay and approved way.
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